Market Overview
▪ On January 13, all three major Hong Kong stock indices closed in the green, indicating a warming of market risk appetite.
▪ The Hang Seng Index rose by 0.9%, closing at 26,848.47 points, still some distance from the peak reached on November 13 last year, with a short-term continuation of the rebound but failing to set a new high.
▪ The Hang Seng Tech Index slightly increased by 0.11%, closing at 5,869.79 points, remaining below the high point from November 13, 2025, with an overall trend maintaining a volatile pattern.
▪ The Hang Seng China Enterprises Index closed at 9,285.41 points, up 0.71%, still having a certain gap from last year's peak, with market sentiment moderately recovering.
Sector Performance
▪ The retail sector showed divergence, with some leading stocks rising. Alibaba -W (9988.HK) surged by 3.63%, with a transaction volume of HKD 24.54 billion, firmly holding the top spot among actively traded stocks, indicating concentrated capital inflow into leaders. JD.com -SW (9618.HK) rose slightly by 0.43%, with a transaction volume of HKD 1.532 billion, showing stable performance. Miniso (9896.HK) fell by 2.50%, with a transaction volume of HKD 0.084 billion, reflecting cautious market sentiment towards some individual stocks. Overall, capital favored core leaders, with structural divergence in the consumer recovery sector.
▪ The internet content and information sector saw mixed performance, lacking significant catalysts. Tencent Holdings (700.HK) slightly rose by 0.72%, with active trading reaching HKD 15.224 billion, as mainstream capital maintained a wait-and-see attitude. Kuaishou -W (1024.HK) fell by 2.24%, with a transaction volume of HKD 5.162 billion, and Baidu -SW (9888.HK) dropped by 1.59%, with a transaction volume of HKD 2.140 billion. There was significant divergence within the sector, with low concentration of hot spots.
▪ The hardware, storage, and peripherals sector overall declined. Xiaomi Group -W (1810.HK) fell by 1.96%, with a transaction volume of HKD 8.031 billion, as the sector lacked positive support. Lenovo Group (992.HK) slightly dropped by 0.44%, with a transaction volume of HKD 1.123 billion, and Legend Holdings (3396.HK) fell by 0.43%, with a transaction volume of HKD 0.027 billion. The tech hardware sector faced short-term capital avoidance, leading to a sluggish performance.
Macroeconomic Background
▪ In recent months, Hong Kong stocks have been significantly influenced by external economic fluctuations and local consumption, with retail, export, and employment data becoming market barometers.
▪ Stable inflation and changes in capital flow are also worth continuous attention, as institutional investors focus on policy expectations and the pace of economic recovery. In the short term, market risk appetite has somewhat recovered, but volatility remains.
Popular Stocks
▪ FANGZHOU JIANKE (6086.HK) surged by 65.82%, with a transaction volume of HKD 0.728 billion. Capital quickly flowed in, creating a strong short-term speculative atmosphere, with no recent company event news, indicating increased attention from speculative capital on high-elasticity targets.
▪ Hejia Holdings (704.HK) rose by 68.46%, with a transaction volume of HKD 4.9241 million. During the session, capital drove the stock price to fluctuate, with no sudden events supporting it, indicating significant participation from short-term speculative capital
▪ Zhongtian Hongxin (994.HK) rose by 34.72%, with a transaction volume of HKD 6.443 million. The activity level of funds increased, leading to sharp fluctuations in stock prices and heightened market enthusiasm.
▪ China Glass (3300.HK) rose by 21.82%, with a transaction volume of HKD 21.4345 million. The attention of funds increased, with active trading during the session, possibly driven by speculation in related thematic sectors.
▪ Yiyuan Wine Industry (8146.HK) rose by 21.82%, with a transaction volume of HKD 12.7661 million. There was an increase in trading volume during the session, with a heightened willingness for short-term speculative trading, although the underlying support momentum is limited.
Market Transaction Volume TOP10
▪ Alibaba -W (9988.HK) latest transaction price HKD 159.90, up 3.63%, transaction volume HKD 24.540 billion
▪ Tencent Holdings (700.HK) latest transaction price HKD 627.50, up 0.72%, transaction volume HKD 15.224 billion
▪ Xiaomi Group -W (1810.HK) latest transaction price HKD 37.98, down 1.96%, transaction volume HKD 8.031 billion
▪ Meituan -W (3690.HK) latest transaction price HKD 104.90, down 0.1%, transaction volume HKD 5.461 billion
▪ SMIC (981.HK) latest transaction price HKD 74.45, down 1.13%, transaction volume HKD 5.191 billion
▪ Kuaishou -W (1024.HK) latest transaction price HKD 78.45, down 2.24%, transaction volume HKD 5.162 billion
▪ BYD Company (1211.HK) latest transaction price HKD 97.25, up 1.62%, transaction volume HKD 3.913 billion
▪ SenseTime -W (20.HK) latest transaction price HKD 2.51, down 4.92%, transaction volume HKD 3.568 billion
▪ Ping An Insurance (2318.HK) latest transaction price HKD 70.00, up 2.19%, transaction volume HKD 3.356 billion
▪ Pop Mart (9992.HK) latest transaction price HKD 191.30, down 2.89%, transaction volume HKD 3.260 billion

On January 13, the Hong Kong stock market closed with all three major indices in the green. The Hang Seng Index rose by 0.9%, and the Hang Seng Tech Index slightly increased by 0.11%. The market showed significant differentiation, with retail leader Alibaba soaring by 3.63%, while Xiaomi Group fell by 1.96%. The internet content and information sector experienced mixed performance. With market sentiment recovering, some popular stocks like FANGZHOU JIANKE showed unusual movements during the session, with an increase of 65.82%. Funds focused on technology, new consumption, and thematic stocks, maintaining active trading. On the macro level, fluctuations in the external economy and local consumption had a significant impact, and investors are paying attention to policy and economic recovery progress

- On January 13, Hong Kong's stock indices closed higher, indicating improved market risk appetite.  
- The Hang Seng Index rose 0.9% to 26,848.47 points, while the Hang Seng Technology Index increased slightly by 0.11%.  
- Notable stock movements included Alibaba's 3.63% rise and mixed performances in the retail and tech sectors, with external economic fluctuations continuously impacting local consumption trends.

Market Heartbeat

FANGZHOU JIANKE

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

HUSCOKE HLDGS

CT VISION

CHINA GLASS

GRACEWINE

MEITUAN

SMIC

Alibaba

Hang Seng Index

Hong Kong stocks closed｜The three major indices closed in the green, with the Hang Seng Index up 0.9%. Alibaba surged, and FANGZHOU JIANKE soared 65.82%